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We may not know the answer to this question for some time to come, but in my opinion this is a viable alternative to consider!
JA
jarek
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Can the recent high in February stay with us for quite longer than almost everybody is expecting at this point?
We may not know the answer to this question for some time to come, but in my opinion this is a viable alternative to consider!
We may not know the answer to this question for some time to come, but in my opinion this is a viable alternative to consider!
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, here's where I frustate non-students. Sorry. This is 'for your eyes only', non-published material for my mentor students. Not for in here. Sorry, everyone else, it's just the way it is...
Do you still have the pattern grid? Look at the middle left. I tend to view it that way, where the C point just fell a little shy.
Do you still have the pattern grid? Look at the middle left. I tend to view it that way, where the C point just fell a little shy.
Originally posted by jarek
Jim - may we consider the recent correction in Crude as KZ 4PT with the CD leg retracing just .618?
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JI
jimkane
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Posts: 33,089
ES super coiled up, postponing the decision until the last minute (as per one of my theories on that, as discussed many times in here). I don't think the ES will surprise me, we know which way it will break out of the coil, don't we???
JI
jimkane
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Posts: 33,089
Yeah, what is curious is how they didn't do anything when the coil reached an 'apex'. I expected a break up, even if it was a fake snap trap. They had them set up for it, and they decided not to spring the trap. Right before the close, too. Very curious, but what does that leave? A RTH close right at a key area, for a change. Interesting.
JI
jimkane
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Posts: 33,089
So, that's two 'chop days' in a narrow range, forming a bullish flat ABCD, but at, perhaps, a key area of 'resistance'. All I see is upside, though. I can't imagine anything but up until June. Why? Probably because QE3 will be hinted at any day now... Today's home report could be the 'trigger'.
I'd love a much bigger correction (and I am ready to immediately trade any short side that manifests), we need one very bad technically, but if a major catastrophe in Japan, another war in the Middle East, soaring oil prices and pump gas prices, Israel war planes, and so on can only check this back this small amount, that's not a market that wants to go down.
I was out shopping yesterday, and everywhere I went, the talk was rising prices, and revolution. People in line at Wal-Mart were trying to get the attention of small groups of people, and saying how they just filled their tiny little compact car up, and it cost them $55-$60, and how it used to cost them $10. I filled my little car up, and it ran me I think it was $58. My doctor is over 100 miles away from where we live. This is not Europe. We are spread out in a very rural population. We need to be to farm, to log, to mine, to do the various things our country does. We can't all live in cities and take public transportation and handle $9/gal pump gas like Europe.
Anyway, one person remarked his truck just cost him $200 to fill up, and another said her costs for her business now for fuel are running $2,000/month. A lady behind me, almost 80 years old, said 'The revolution is coming. You watch and see. It's coming.' I not only hear that every time I go shop, but more than once, and not because I start a conversation about the topic. I just listen, and this is what I hear. Everywhere I go. Imagine when pump gas hits $10, then $15.
All I hear on TV (and I don't mean CNBS) is how bullish conditions are now, and how undervalued stocks are. The disaster is good for Japan's GDP. Europe is not a worry (I heard the Portuguese government will fall this week, http://www.zerohedge.com/article/jpmorgan-likelihood-portuguese-government-will-fall-week-looks-high ), they are fine now. The Middle East is not a problem. Oil going up to $140, $160, $200+ is not an issue for the economy, OPEC said $120 is just fine and won't hurt any economies, and on and on. What could take the market down as the ChairSatan cranks up the digital printer even more?
Like I said in one of my economic posts, next comes war, and it looks like we are right on schedule... Got to distract the people.
I'd love a much bigger correction (and I am ready to immediately trade any short side that manifests), we need one very bad technically, but if a major catastrophe in Japan, another war in the Middle East, soaring oil prices and pump gas prices, Israel war planes, and so on can only check this back this small amount, that's not a market that wants to go down.
I was out shopping yesterday, and everywhere I went, the talk was rising prices, and revolution. People in line at Wal-Mart were trying to get the attention of small groups of people, and saying how they just filled their tiny little compact car up, and it cost them $55-$60, and how it used to cost them $10. I filled my little car up, and it ran me I think it was $58. My doctor is over 100 miles away from where we live. This is not Europe. We are spread out in a very rural population. We need to be to farm, to log, to mine, to do the various things our country does. We can't all live in cities and take public transportation and handle $9/gal pump gas like Europe.
Anyway, one person remarked his truck just cost him $200 to fill up, and another said her costs for her business now for fuel are running $2,000/month. A lady behind me, almost 80 years old, said 'The revolution is coming. You watch and see. It's coming.' I not only hear that every time I go shop, but more than once, and not because I start a conversation about the topic. I just listen, and this is what I hear. Everywhere I go. Imagine when pump gas hits $10, then $15.
All I hear on TV (and I don't mean CNBS) is how bullish conditions are now, and how undervalued stocks are. The disaster is good for Japan's GDP. Europe is not a worry (I heard the Portuguese government will fall this week, http://www.zerohedge.com/article/jpmorgan-likelihood-portuguese-government-will-fall-week-looks-high ), they are fine now. The Middle East is not a problem. Oil going up to $140, $160, $200+ is not an issue for the economy, OPEC said $120 is just fine and won't hurt any economies, and on and on. What could take the market down as the ChairSatan cranks up the digital printer even more?
Like I said in one of my economic posts, next comes war, and it looks like we are right on schedule... Got to distract the people.
JI
jimkane
Rep: 3,058
Posts: 33,089
I'm not the only one exploring this possibility.
"...i would have to say bottom in and up for a few months..."
"...i would have to say bottom in and up for a few months..."
Originally posted by roofer
sometimes the pieces do not fit and i just have to accept what is....if we have an extreme breadth thrust today, then combined with this chart,i would have to say bottom in and up for a few months...
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JI
jimkane
Rep: 3,058
Posts: 33,089
Hmmm, ES breaking down out of the coil, even though this is a very short-term intraday coil. Very curious. I'd like to say there's the fake, the trap is set, and it can begin to rise soon. But, perhaps jarek's read that we go down from here is correct. We shall see what they plan to do with it. Maybe they want to accumulate with better prices. It is at 'resistance', and needs a bigger correction even for this leg. Maybe this forms a DT ABCD... I just can't see much downside in here. Nonetheless, I'm not married to the long side, I'm ready to go short side in a heartbeat, I'm just saying I can't 'feel' it yet.